6 Things to Do After Retiring (With Retirement Plan Tips)

By Indeed Editorial Team

Published 30 April 2022

Retirement plans are for people who feel ready to leave work permanently and move on to other things they're passionate about in life. A retiree might decide to travel around the world and develop new hobbies for their lifestyle. Learning about what to do after retirement can help you build a future plan that gives you the chance to explore your interests outside of work. In this article, we provide examples of things you can do after retiring and discuss some effective tips that can help you build a comprehensive retirement plan.

Related: How to Know When to Quit Your Job (A Helpful Guide)

6 things to do after retiring

Learning about the things to do after retiring may help you gain new creative ideas for your retirement plan. According to the Australian Bureau of Statistics, the average retirement age was 55.4 years from 2018 to 2019. People can retire whenever they want during employment, although the retirement age typically depends on their financial stability and physical health. Here are some things you can do after retiring from work:

1. Discover a new hobby

Finding a new hobby after retirement can help you discover a passion that's rewarding and enjoyable. This might encourage you to get outside of your comfort zone when participating in your hobbies and meet other people who are equally passionate about them. You can search for local organisations that specialise in your hobbies and host social events that give people a chance to make strong friendships and explore new interests.

Related: How to List Hobbies and Interests on Your Resume (With Example)

2. Spend time with loved ones

Arranging plans with your family and friends may help you get out of the house and socialise with the people you're close to. You can strengthen relationships and find new friends that can join your retirement plan. For example, if you don't want to travel around the world on your own, you can find a travelling partner in a local club that shares the same passion. Staying connected with loved ones and finding the time to meet with them may boost your mental health and help you feel supported by the people around you.

3. Find volunteer work

Volunteering in local organisations or companies that provide charity work can help you support the community in your free time. You might also meet other retired people that are interested in keeping active and performing tasks for charity. For example, if you want to find local organisations that support the homeless, you could start by creating care packages. These could include tins of food, standard hygiene products or even hand-knitted clothing.

The Australian Charities and Not-For-Profits Commission (ACNC) is an organisation that helps people find suitable volunteering work. You can search for your desired volunteering opportunity on the ACNC charity register. This could provide you with a charity's contact details and how you can apply for volunteering roles. For example, you might choose to work for educational charities that help children gain necessary learning for their age.

Related: 7 Volunteer Skills and How to Improve Them (With Examples)

4. Start booking holidays

You can use retirement funds or savings to book holidays and take extended vacations to desired locations. If you have family or friends that live abroad, you could book a holiday to visit them and spend time in a different country. Some people might choose to save their retirement funds and go on cross-country road trips instead, which can still introduce them to new landmarks and settings. Taking trips and holidays after your retirement could encourage you to explore the places you might not have been able to during your employment.

5. Apply for part-time jobs

Getting back into employment is an option for those who want to start a small business or pursue a freelance opportunity that offers more flexibility. Part-time jobs can be a good way of finding projects you're passionate about and learning new skills that can help you with your hobbies. Consider looking for part-time employment that helps you earn extra money after retirement. Here are some examples of part-time jobs you can pursue during your retirement plan:

  • retail shop assistant

  • administrative assistant

  • housekeeper

  • hotel receptionist

  • freelance writer

  • gardener

  • dog walker

  • library assistant

  • care home worker

Related: How to Write a Part-Time Job Resume (With Formatting Rules)

6. Devote time to yourself

Self-reflection, also known as reflective awareness, is important for everyone to evaluate their achievements and goals in life. You can dedicate time for yourself to understand what you want to achieve in your retirement plan and how you might progress to the next stage in retirement. For example, if you want to change the way you think about yourself, you might start taking meditation classes on your own and finding techniques that encourage a positive mindset. Prioritising mindfulness is a good way of keeping your mind healthy and occupied.

Tips for creating a retirement plan

Building a retirement plan can be important for your future and how you spend your savings. People create their plans at different stages during employment, depending on their expected retirement age and financial stability. Consider thinking about your plan before you retire. Here are some tips for creating a retirement plan:

Determine your financial needs

In Australia the Age Pension is income and asset tested, and the amount paid is different for couples than single people. As at May 2022, a person who owns their own home can receive the pension if their combined assets are worth less than $270,500. A couple who own their home can receive the pension if their combined assets are less than $405,000. The pension for a single person is $900.80 per fortnight and for a couple combined it's $1358 per fortnight.

You can also check your superannuation account for additional retirement funds. Employers pay a percentage of your salary or wages into a super fund account that allows you to accumulate money until your retirement. This superannuation account is a good way for you to invest some of your earnings if you want to add more money during employment. Money Smart states the comfortable amount of money required for retirement is $44,818 a year if you're single and $63,352 a year if you're in a relationship.

Think about your goals

Planning your goals beforehand can help you set reasonable timelines in your retirement plan. For example, if you want to travel around the world, you might set this goal for a later date to give you enough time to plan and book the holiday arrangements. Goals may also give you something to look forward to after employment, which can keep you active and excited about the future. If you can't think of anything you want to do after retirement, you can write what you hope to achieve over the next few years and how you might accomplish those goals.

Related: How to Write a Professional Development Plan (With Examples)

Find social support

Going to local clubs or groups that encourage personal interaction can help you seek inspiration from other retired people. For example, you might join a retirement club that allows people to discuss their plans and dreams for the future. This engagement may give you ideas on how you want to spend your retirement. The Australian Red Cross may offer social connection programs that motivate the community to interact.

Stay in contact with former colleagues

Keeping in touch with your friends from work can encourage you to spend time with them and learn about what they're doing in retirement. This interaction may give you more ideas on what to include in your retirement plan and how you can take the first steps after leaving employment. For example, if a group of your former colleagues wants to travel for a few months, you might manage your bank savings to join their travelling arrangements. Having regular contact with your friends is also a good way of maintaining your mental health after retiring.

Please note that none of the companies, institutions or organisations mentioned in this article are affiliated with Indeed.